Foreclosure Appraisal in Spokane CountyHomes that have gone back to the financial institution's possession and houses in foreclosure create unique appraisal difficulties.
When there is a property in foreclosure, it's important to recognize market value versus a "quick disposition" value to evaluate your probable charge-off liability. Scamahorn Appraisals has the experience in both supplying snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that take into consideration your pressing needs.
Particular challenges might be present when working with owners of houses in foreclosure. They may be uncooperative to allowing an inspection of the house. Often the properties show signs of vandalism, unfortunately at the hands of the residents. Or, it's likely you'll find the previous owners have moved out or the home neglected for long periods of time.
For a property that has already returned to Real Estate Owned, you probably will be going for a speedy disposition. However, you may want to know about and compare the definitions of "as-is", "as repaired", and "quick sale" values. These represent: